whitebeard

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Bank Announces It Will Confiscate Depositors’ Money

By: whitebeard Monday February 18, 2013 7:48 pm

At the bottom of my latest statement from the Bank of Edwardsville (www.4thebank.com) is a list of fees to be effective April 1, 2013. One of the items is “Dormant Account / Month $4.00.” I went to the bank and asked them to define “Dormant Account.” I was told that it was an account with no activity other than fees or interest deposits for one or two years depending on whether the account type was checking or savings. I think this is an announcement of intent to steal.

Why?

The cost of maintaining an account is not only negligible, the banks actually depend on depositors to leave their money in the accounts. That’s the principle behind the reserve system and the power of the government to shut down a bank to prevent a run on it (i.e. too many depositors withdrawing their money at once thus exceeding the bank’s reserves.)

Here, the bank is saying, in effect, yes, we want you to leave the money in your account, but you can’t just leave it there and let it collect the promised interest. If you do, you are not paying any attention to it and therefore, we are going to begin taking it. This is intent to deprive, theft. It is no different than taking money from your employer’s cash register or items from his/her inventories because he/she is not paying attention. It is the same as noticing that a person has left his wallet on his desk and since he is not paying attention to it, you help yourself to some of the contents.

It is wrong and it is theft on the part of the bank to just help themselves to some of their depositors’ money when their customers have done nothing wrong (e.g. causing additional expense to the bank) but, in fact, have supported the stability of the bank and the system. “Dormant accounts” are an advantage to the bank. Banks should not be allowed to take further advantage by stealing the contents simply because their customers might not be paying attention. It takes incredible chutzpah for them to announce their intention to steal and dare someone to call them on it.

Hope this helps some other folks. I’ve written to ask both of my senators to get involved. Perhaps you will too?

 

The Federal Government as Investor in Corporations

By: whitebeard Saturday October 11, 2008 6:46 am

The latest Bush Administration scam masquerading as a financial rescue to save the economy is to buy stock from and in troubled corporations. Quite simply, this is the triumph of corporate ownership of the Federal government. Why? Because it aligns the will and effort of the Federal government with the financial success of corporations. What is good for the financial success of corporations often conflicts directly and deeply with the physical, mental, spiritual and financial health of not just the vast majority of Americans, but most people in the world. What will the Federal government do when dealing with these conflicts? You know the answer: it will protect its investments no matter what it costs humanity.

This is wrong, deeply wrong, evil

Bush Counsels Patience

By: whitebeard Friday October 10, 2008 10:31 am

In a statement today, President Bush counseled patience. My friends and I are filling the shoeboxes and stuffing them in our closets as fast as we can, but you have to recognize that this is a lot of money we’ve got to disappear.

Warren Buffett To Make Huge Profits From The Bailout(s)

By: whitebeard Thursday October 2, 2008 4:28 pm

Eight days ago, on Sept, 24, 2008, the NY Times announced that Warren Buffett would buy a $5 billion stake in Goldman Sachs, the financial firm that Henry Paulson ran before becoming Secretary of the Treasury, the financial firm that was saved by Paulson when he decided to bail out AIG which owed Goldman Sachs $20 billion and to let Goldman’s main competitor, Lehman Brothers, go under. Yesterday, the NY Times annnounced that Warren Buffett would make a $3 billion investment in GE, primarily a financial services firm, at an extraordinary discount. Today, CNN is featuring Buffett pronouncing certain knowledge that the currently proposed bailout must be passed and that more heaps of money will have to be given to these firms in future bailouts.

We all know Buffett is an astute investor and that he knew full well what he was getting into by investing in these firms. What we only suspected before this was that the bailout was a corrupt scheme to give away hundreds of billions of dollars of taxpayer money to the Bush Administration and its cronies, but Buffett knew it, that’s why he took these positions and then started shilling for the bailout(s).

Senator Durbin Doesn’t Want to Hear From You

By: whitebeard Thursday October 2, 2008 7:12 am

I tried to email Senator Durbin to express my anger at his vote for the Huge Gift to Thieves and Incompetents Act, but was unable to as the form demands a "Subject," but won’t let you enter one. I sent the same message to Senator Obama without difficulty. The senators use different forms.

New SEC Rule Further Deregulates the Financial Industry Legalizing Even More Massive Fraud

By: whitebeard Wednesday October 1, 2008 8:23 am

From yesterday’s WaPo:"The three-page joint statement today from the SEC and the Financial Accounting Standards Board does not do away with fair value accounting provisions altogether.But it gives companies more leeway to employ estimates and their own judgment in many cases when they deem the market to be "disorderly" or seized by liquidity problems."

Actually, it does do away with whatever fair accounting practices still exist as well as presenting further evidence that the SEC is not going to regulate the industry but continue to encourage massive fraud within it.